FINBOURNE, a London-based fintech platform, announced last week it has launched its LUSID Design Council, which has five financial institutions as members. The institutions include Fidelity International, HSBC Securities Services, and Altana Wealth. Founded in 2016, FINBOURNE describes itself as a technology firm that is on a mission liberate the financial community from the limitation of their data systems and equip them to build a “simple, more informed future.”
“We are very familiar with the constraints and limitations of the legacy platforms our clients use. We, and many in the financial industry have often said that someone needs to start clean, and use cutting edge technology to create a streamlined single platform. This is exactly what we are doing. The result is usability, simplicity and cost-saving for our customers.”
FINBOURNE also noted that it gives customers a straightforward choice of access to the best available information and tools that they need to run their businesses.
“We collaborate with clients and partners as we create new technology and are doing just that to bring to life our transformative product, LUSID, for asset managers from very large to very small.”
While sharing more details about the LUSID Design Council, FINBOURNE stated:
“We’re collaborating with five leading financial institutions with over $2 trillion assets under management* – including Fidelity International, HSBC Securities Services and Altana Wealth – to help design and refine the features of a shared cloud-based investment management platform that can replace existing in-house software and hardware. We call this the LUSID Design Council.
“These five leading financial institutions span the full spectrum of the investment industry and include UK and international managers as well as custodians and a hedge fund. We meet monthly to discuss how to rationalise infrastructure costs, achieve advanced standards of data handling and improve the quality of information for institutional clients.
“When we first explained the concept of a shared cloud-based asset management platform to potential clients, many were keen to help in its design. It is these early client contacts that form the core of our LUSID Design Council. Our goal? Quite simply it’s to work with the market to help design our LUSID platform, a shared cloud-based investment management platform that reduces operating costs, greatly improves the quality of information for in-house and client use and achieves state of the art security.”
Cian Burke, Head of HSBC Securities Services, commented:
“We are committed to exploring emerging technologies, and their potential to drive more innovation, efficiency and security in the services we offer. Shared, cloud-based platforms could have huge benefit in the custody space, and we are excited to be advising on this project with other industry leaders.”
Yugo Ashida, Director, Architecture, Fidelity International, added:
“FINBOURNE is building a platform from the ground-up based on collective experience which allows us to approach data challenges in a novel way. Being a member of the LUSID Design Council gives us the flexibility to test different technology, apply new thinking and put in place the foundations to reimagine our current architecture.”